Cloud banking technology provider nCino has completed the acquisition of SimpleNexus, a cloud-based mobile-first mortgage firm.

The deal included nearly 12.76 million shares of nCino common stock and cash consideration of approximately $270m.

As per nCino’s initial announcement in November 2021, the deal is valued at approximately $1.2bn.

The acquired firm integrates the various processes of buying a home. This integration enables loan officers, borrowers, real estate agents and settlement agents to engage in the home buying process from any device.

nCino noted that SimpleNexus’ products and mobile-first offerings present new opportunities and greater value to its customers.

It will also enhance nCino’s mobile and point-of-sale offerings across its additional lines of businesses.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Over 300 independent mortgage banks (IMBs), more than 80 banks and credit unions, and over 41,000 loan originators in the US use SimpleNexus’s services.

nCino CEO Pierre Naude said: “The combination of nCino and SimpleNexus brings together two best-in-class, cloud-native companies focused on transforming the financial services industry by streamlining and simplifying cumbersome financial processes with innovative, market-leading technology solutions. Together, we can enhance the offerings for our customers and strengthen nCino’s position as the worldwide leader in cloud banking.”

SimpleNexus CEO Cathleen Schreiner Gates said: “I am confident that together, we can accelerate digital transformation across the industry and better serve financial institutions and independent mortgage banks of all sizes.”

SimpleNexus is expected to contribute between $3.6m and $3.8 in revenues for the fourth quarter ending this month from the closing date of 7 January 2022.